The UK Financial Conduct Authority (FCA) has cancelled Dania Money Transfer Ltd’s registration as a Small Payment Institution (SPI).
The cancellation, effective March 5, 2026, is in accordance with the Payment Services Regulations 2017 (PSRs).
The regulator concluded that the firm does not meet the conditions for registration as an SPI under the PSRs.
In particular, the firm has failed to comply with a requirement of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) to be included in a register maintained under the MLRs.
Furthermore, the firm failed to notify the Authority that its registration under the MLRs had been cancelled and it was therefore no longer meeting the conditions of its registration as required under the PSRs. The firm also failed to notify the Authority that a subsequent application had been rejected.
The firm has failed to provide payment services within 12 months of registration and has not been permitted to provide payment services since 31 July 2024 when its HMRC registration was cancelled.
The firm submitted the FSA057 regulatory return for the year ending 2023 reporting payment services despite informing the Authority that it had not been actively trading. The firm subsequently failed to provide any evidence in relation to the payment services it reported despite requests to do so.
Despite repeated requests and warnings, the firm has also failed to submit its annual regulatory return, namely the FSA057 regulatory return for the year ending 2024.
The cancellation action has been imposed in order to advance the Authority’s consumer protection and integrity objectives.
